Question: For each of the following transactions determine if there is

For each of the following transactions, determine if there is an increase, decrease, or no change on net income for Gardenia Lane Productions, Inc.
1. Gardenia Lane earned $12,000 in monthly sales.
2. The firm recorded a decrease in inventory of $7,500 due to the monthly sales.
3. Supplies were purchased for $50, and all of them were used.
4. The company paid employees $1,715 for current work done.
5. The company purchased land for $26,500.
6. Gardenia Lane paid rent of $2,500 for the current month.
7. The firm paid $1,000 in cash dividends.

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  • CreatedSeptember 01, 2014
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